In a surprising turn of events, despite the purported agreement between manufacturers and the government to sell cement at N7,000, reports from the Idimu area of Lagos state reveal that the product is still being retailed for a significantly higher price, ranging between N10,000 and N11,000.
A local retailer, known as Alhaja, dismissed the news of the agreed-upon N7,000 price tag as a mere hoax. Alhaja claimed that during negotiations with the Federal Government, Dangote, a major cement manufacturer, allegedly blocked payment portals. When the portals were eventually reopened, the price had skyrocketed once again.
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Alhaja shared her frustration, stating, “Even BUA, which initially sold for N3,500, was the first to hike prices. The Dangote payment portal was blocked last week, only to be reopened with a further N400 increase. The N7,000 figure touted in the media seems unrealistic. We hope for a swift resolution as this price surge is significantly impeding business operations.”
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Another cement outlet in the area disclosed that they currently have no stock available. The owner, who preferred to remain anonymous, echoed Alhaja’s sentiments, emphasizing the challenges of restocking at the current pricing. He stated, “The N7,000 price circulating in the news is far from reality. After manufacturers met with the government, the price was hiked by an additional N400. We earnestly hope for a return to normalcy in the market.”
This unexpected turn of events is causing distress among retailers and hindering the flow of business in the region. As stakeholders eagerly anticipate a resolution, the cement market remains turbulent, with prices defying the earlier reported agreements. The situation raises concerns about the impact on construction projects and the overall economic implications in the region.
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